International Islamic Trade Finance Corporation signs $1.2 billion annual plan for 2022 for the Islamic Republic of Pakistan
The International Islamic Trade Finance Corporation (ITFC) (www.ITFC-idb.org) signs the annual plan for 2022 in favor of the government of Pakistan, to provide integrated business solutions to support the energy and agriculture sectors. The $1.2 billion deal includes financing the import of essential commodities such as crude oil, refined petroleum products, LNG, food and agricultural products; in addition to implementing trade-related technical assistance intervention to ensure trade development impact.
The annual plan was signed in a ceremony at ITFC Headquarters in Jeddah between ITFC and a delegation from the Ministry of Economic Affairs (EAD) of the Islamic Republic of Pakistan.
Referring to the agreement, Nazeem Noordali, COO, ITFC said that this annual plan reflects the importance of the long standing cooperation between ITFC and the Government of Pakistan”ITFC works closely with its member countries to meet their needs by providing integrated solutions including financing and capacity building tools that maximize the development impact of ITFC’s interventions. We are delighted and will continue to mobilize financial resources support Pakistan in its efforts to achieve its economic goals through our existing framework agreement.
On their part, the EAD delegation from Pakistan expressed their gratitude for the continued support and partnership with ITFC, and underscored the need for enhanced cooperation through more efficient processes to further promote the financing of the Islamic trade and trade development interventions in Pakistan.
Despite a challenging year due to the COVID-19 pandemic, ITFC provided approximately US$1.1 billion in trade finance in 2021. ITFC signed the 4th Framework Agreement with the Government of Pakistan in June 2021 for 4 .5 billion US dollars. It is worth mentioning that since 2008, ITFC has provided US$6.7 billion in favor of the Government of Pakistan.
Distributed by APO Group on behalf of International Islamic Trade Finance Corporation (ITFC).
About the International Trade Finance Corporation (ITFC):
The International Islamic Trade Finance Corporation (ITFC) is a member of the Islamic Development Bank (IDB) Group. It was established with the main objective of advancing trade among the OIC member countries, which would ultimately contribute to the overriding objective of improving the socio-economic conditions of people across the world. Commencing operations in January 2008, ITFC has provided $61 billion in financing to OIC member countries, making it the leading provider of business solutions for the needs of these member countries. With a mission to become a catalyst for trade development for OIC member countries and beyond, the Corporation assists entities in member countries to gain better access to trade finance and provides them with the necessary capacity building tools. trade-related capabilities, which would enable them to compete successfully. in the world market.
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